PR Newswire: news distribution, targeting and monitoring
2014
See more news releases in Banking & Financial Services  | OTC, SmallCap  | Earnings

Pan Pacific Bank Announces Record First Quarter Profits

Share with Twitter Share with LinkedIn

FREMONT, Calif., April 23, 2012 /PRNewswire/ -- Pan Pacific Bank (OTCBB: PPFC) announced unaudited financial results for the quarter ended March 31, 2012.  Net income assets, loans, and deposits at March 31, 2012, each represent record levels for the Bank.  Chief Executive Officer Wayne Doiguchi commented, "Pan Pacific Bank is pleased to report $348 thousand in profits for the first quarter of 2012.  The Bank's service areas of Alameda, Santa Clara, and Contra Costa Counties have provided an excellent source for growth in both loans and deposits.  This growth along with our Government Guaranteed Lending Program has resulted in record levels of revenues.  These revenues combined with careful management of operating expenses and credit quality have allowed us to achieve these positive results."

The Bank also announced that regulatory agencies have notified it of their intent to  remove the consent order put in place in April 2010.   The Bank anticipates the order to be replaced with a less formal Memorandum of Understanding by the end of April.  "We are pleased to see this improvement and expect to continue the significant progress already made in this area" commended Wayne Doiguchi.  

Net income for the quarter ended March 31, 2012 was $348 thousand or $.08 per diluted share compared with a net loss of $(156) thousand, or $(.10) per diluted share, for the quarter ended March 31, 2011.  Net income improved in the first quarter of 2012 primarily due to an increase in net interest income of $196 thousand, an increase in non-interest income of $668 thousand driven by a $664 thousand gain on sale of loans, offset by an increase in non-interest expense of $232 thousand and provision for loan loss of $128 thousand compared with the first quarter of 2011.

Total assets increased $20.1 million, or 21.2%, to $115.5 million at March 31, 2012 compared with $95.4 million at March 31, 2011.  Net loans increased $11.4 million, or 15.13%, to $86.5 million at March 31, 2012 compared with $75.1 million at March 31, 2011.  Total deposits increased $15.7 million, or 18.2%, to $102.3 million at March 31, 2012 compared with $86.6 million at March 31, 2011.

Stockholders' equity increased $4.2 million, or 49.5%, to $12.7 million at March 31, 2012 compared with $8.5 million at March 31, 2011.  This increase was due primarily to the recent successful capital raise of $5.3 million

Pan Pacific Bank
Pan Pacific Bank is focused on meeting the banking needs of business and individuals in the three counties; Alameda, Santa Clara, and Contra Costa, that are primary service areas.  The Bank was founded July 2005 and is located at 47065 Warm Springs Blvd, Fremont California.  The bank is a SBA / USDA lender and offers a variety of banking products to include loans, deposits, remote capture, and other cash management services.  For information concerning this press release please contact Wayne Doiguchi CEO or Dale McKinney CFO at 510 809 8888. Our web address is www.panpacificbank.com

Forward-Looking Statements
This release may contain forward-looking statements, such as, among others, statements about plans, expectations and goals concerning growth and improvement.  Forward-looking statements are subject to risks and uncertainties.  Such risks and uncertainties may include, but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, including the real estate market in California and other factors beyond the Bank's control.  Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated.  Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof.  The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

For information concerning this press release,
please contact Wayne Doiguchi CEO or
Dale McKinney CFO at 510 809 8888.

 

 

March 31 Financial Data

 

The following summary presents unaudited selected consolidated financial data as of and for the three months ended March 31, 2012 and 2011.

 


 

 

As of and For the Three Months


 

 

Ended March 31,


 

 

(Unaudited)


 

 

2012


 

2011


 

 

 

(dollar in thousands)

Selected Results of Operations Data:


 

 

 

 

 

Interest income

$       1,297


 

$       1,110


 

Interest expense


 

210


 

219


 

Net interest income

1,087


 

891


 

Provision for loan losses


 

128


 

0


 

Net interest income after provision for loan losses

959


 

891


 

Noninterest income

709


 

41


 

Noninterest expense

1,319


 

1,087


 

Income (loss) before income tax expense (benefit)

349


 

(155)


 

Income tax expense (benefit)

1


 

1


 

Net income (loss)

$          348


 

$       (156)


 

Per Share Data:


 

 

 

 

 

Net income (loss) per common share:


 

 

 

 

 

      Basic


 

$         0.08


 

$       (0.10)


 

      Diluted

0.08


 

(0.10)


 

 

 

 

 

 

Book value per common share          


 

 

 

 

      Basic

2.95


 

3.04


 

      Diluted

2.95


 

3.04


 

 

 

 

 

 

Shares Outstanding:           


 

 

 

 

 

      Basic


 

4,290,958


 

1,584,500


 

      Diluted


 

4,295,822


 

1,584,790


 

      Basic Weighted Average


 

4,168,257


 

1,584,500


 

      Diluted Weighted Average


 

4,173,121


 

1,594,790


 

 

 

 

 

 

 

Selected Balance Sheet Data:


 

 

 

 

 

Total assets


 

$        115,531


 

$           95,355


 

Investment securities


 

495


 

1,118


 

Gross Loans

88,479


 

77,107


 

Net loans (1)


 

86,501


 

75,132


 

Allowance for loan losses


 

1,413


 

1,515


 

Deposits


 

102,302


 

86,554


 

Total Borrowings

0


 

0


 

Shareholders' equity


 

12,676


 

8,481


 

Performance Ratios:


 

 

 

 

 

Return on average assets (2)

1.22%


 

-0.65%


 

Return on average shareholders' equity (2)

11.30%


 

-7.34%


 

Net interest margin (2)

3.90%


 

3.82%


 

Efficiency ratio (3)

73.44%


 

116.63%


 

Gross loans to deposits


 

86.49%


 

89.09%


 

 

Asset Quality:


 

 

 

 

 

Restructured loans


 

$                1,381


 

$              813


 

Nonperforming loans (4)

1,898


 

1,663


 

Other real estate owned


 

0


 

0


 

Total nonperforming assets


 

1,898


 

1,663


 

Allowance for loan losses:


 

 

 

 

 

      Percentage of nonperforming loans

105.92%


 

90.23%


 

      Percentage of gross loans


 

2.15%


 

2.16%


 

Net charge offs (recoveries) to average gross loans


 

0.06%


 

-0.02%


 

Capital Ratios:


 

 

 

 

 

Bank:


 

 

 

 

 

      Total risk-based capital ratio

14.82%


 

11.47%


 

      Tier 1 risk-based capital ratio


 

13.56%


 

10.21%


 

      Leverage ratio

11.02%


 

8.73%


 

      Average equity to average assets


 

10.79%


 

8.92%


 

 

 

(1)

Net loans represent gross loans less Net deferred loan fees and costs of $186 and $132 at March 31, 2012 and 2011, respectively.

(2)

Annualized.

(3)

The efficiency ratio is calculated by dividing noninterest expense by the sum of net interest income and noninterest income.

(4)

Nonperforming loans include restructured loans.

SOURCE Pan Pacific Bank



RELATED LINKS
http://www.panpacificbank.com

Featured Video

Journalists and Bloggers

Visit PR Newswire for Journalists for releases, photos, ProfNet experts, and customized feeds just for Media.

View and download archived video content distributed by MultiVu on The Digital Center.

Share with Twitter Share with LinkedIn
 

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

 
 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

 
 

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.

 
Area to test

Online Member Center

Not a Member?
Click Here to Join
Login
Search News Releases
Advanced Search
Search
  1. PR Newswire Services
  2. Knowledge Center
  3. Browse News Releases
  4. Contact PR Newswire
  5. Send a News Release